Risk Assessment and Mitigation Plans
Identifying and Assessing Product Risks
This prompt helps teams identify potential risks in product development, launch, or scaling and assess their likelihood and impact. It provides a structured approach to evaluate risks related to market, technology, and operations, ensuring informed decisions and proactive management.
Responsible:
Product Management
Accountable, Informed or Consulted:
Product, Engineering, Strategy, Operations
THE PREP
Creating effective prompts involves tailoring them with detailed, relevant information and uploading documents that provide the best context. Prompts act as a framework to guide the response, but specificity and customization ensure the most accurate and helpful results. Use these prep tips to get the most out of this prompt:
Define the phase of the product lifecycle being assessed.
Gather data on previous risks encountered by the team or industry peers.
Collect feedback from key stakeholders about potential vulnerabilities.
THE PROMPT
Help identify and assess risks associated with [product/service name] during [specific phase, e.g., development, launch, scaling]. For each risk, provide:
A description of the potential issue (e.g., technical challenges, market misalignment, regulatory compliance).
An assessment of the likelihood of the risk occurring (e.g., low, medium, high).
An analysis of the potential impact on the product or business if the risk materializes.
Recommendations for mitigating or reducing the risk effectively.
Use insights from:
Historical data from similar projects or product launches.
Industry reports on common risks in [specific industry].
Feedback from stakeholders or teams involved in the project.
Case studies of risks encountered by competitors or comparable companies.
If additional context about the product, market, or team dynamics is needed, ask clarifying questions to refine the analysis.
Bonus Add-On Prompts
Identify risks specific to [technical aspect or market condition] and propose mitigation strategies.
Highlight low-likelihood, high-impact risks and recommend contingency plans.
Suggest ways to involve cross-functional teams in proactive risk management.
Use AI responsibly by verifying its outputs, as it may occasionally generate inaccurate or incomplete information. Treat AI as a tool to support your decision-making, ensuring human oversight and professional judgment for critical or sensitive use cases.
SUGGESTIONS TO IMPROVE
Focus on specific risk categories, such as technical, financial, or operational risks.
Add visual tools like risk matrices to prioritize risks based on likelihood and impact.
Include regulatory or legal risks for industries with strict compliance requirements.
Highlight risks related to external factors, such as supply chain disruptions or market downturns.
Tailor recommendations to align with organizational risk tolerance levels.
WHEN TO USE
During planning or pre-launch phases to anticipate potential challenges.
When scaling a product into new markets or user segments.
To create a risk-aware strategy for critical projects.
WHEN NOT TO USE
If no specific product or phase is being evaluated.
When the focus is purely on opportunities rather than challenges.